UPDATE: Sterne Agee Downgrades Comerica to Neutral on Limited Upside

Sterne Agee reduced its rating on Comerica (NYSE: CMA) from Buy to Neutral and lowered its price target from $36 to $32.

Sterne Agee noted, "We are downgrading the shares to Neutral from Buy despite a valuation slightly below TBVPS. In our view the upside/downside proposition has changed, with the shares still having minimal downside risk, but also less upside potential. We have lowered our FY13/14 estimates by ~4%. For longer-term shareholders the shares still represent a solid holding; our view is the name is less likely to outperform going forward unless something meaningful occurs with interest rates."